FISCAL: New Taxes for Old

To tax or not to tax was a loudly debated question in Washington last week. The Treasury was heading into Deficit No. 2, estimated at $1,500,000,000 (TIME, Sept. 14). Its efforts to finance the Government through the Depression by borrowing took a turn for the worse.* Secretary Mellon had already declared for a broader tax base than the levy on incomes. While President Hoover continued to keep his mind open, two of the most important Republican fiscal leaders of Congress came forward with plans for the Treasury to tax its way out...

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